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Altimmune announces board member departure

EditorLina Guerrero
Published 08/15/2024, 04:09 PM
ALT
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Gaithersburg, Maryland-based pharmaceutical company Altimmune, Inc. (NASDAQ:ALT) has announced a change in its board of directors. Dr. David J. Drutz has decided not to stand for re-election at the upcoming 2024 Annual Meeting of Shareholders. Dr. Drutz will remain in his role as a director until the annual meeting, the company disclosed in a regulatory filing on Monday.

The decision by Dr. Drutz not to seek re-election was not the result of any disagreements with the company regarding its operations, policies, or practices, according to the statement. The board expressed gratitude to Dr. Drutz for his service and contributions to Altimmune.

The company has not yet announced a successor or provided details on the process for filling the impending vacancy on the board. The annual meeting, which will mark the end of Dr. Drutz's service, has not been publicly scheduled as of this report.

In other recent news, Altimmune Inc. has reported significant results from a 12-week clinical trial of pemvidutide, a treatment for metabolic dysfunction-associated steatotic liver disease (MASLD). The study indicated substantial reductions in liver fat content and improvements in body weight and markers of liver inflammation.

The company has also reported advancements in its pemvidutide program for obesity and non-alcoholic steatohepatitis (NASH) during its first quarter 2024 earnings call, with significant weight loss results from the Phase 2 MOMENTUM trial.

Altimmune plans to discuss Phase 3 guidance with the FDA in Q3 2024 and expects to release top-line results from the ongoing IMPACT study for NASH in Q1 2025. JMP Securities analysts maintain a "MARKET OUTPERFORM" rating for Altimmune, reflecting the high potential of pemvidutide.

In other company news, Altimmune's Chief Financial Officer, Richard Eisenstadt, has unexpectedly passed away. His responsibilities are being managed by the existing finance and accounting team as the search for a new CFO is underway.

Despite this loss, Altimmune remains focused on its clinical programs. The company is also actively seeking a partnership for pemvidutide's Phase III development, with cash reserves projected to fund operations until the first half of 2026.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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